On The Road To Being Debt-Free
June 17, 2008
When I was still single, I maintained two credit cards. It was easy then to pay for it and I was able to manage my finances. Later on, I have to admit that my credit cards ruled over me. It gave me a sense of power every time I swiped my card and bought things or ate out even if my paycheck was far from coming. Honestly, I thought of it before as as a well. One that is bottomless.
Here’s when the problem started. I transferred to another company and it was a struggle at first because we got paid by the hour and our hours were reduced resulting to a lower paycheck. I had bills and credit cards to pay and my salary wasn’t enough to cover for all. I decided to do convert my balance into installment with low interest rate. This worked at first but when accountables outnumber the receivables, it’s difficult to make ends meet.
I started paying just the minimum due which I knew would cause me problems in the future because the actual balance is just piling up along with the accumulated interest. There even came a time when I was not able to pay for months because I simply can’t accommodate it anymore in my budget and I had to make sacrifices.
The demand letters to pay came along with calls from collection agencies. I entered into a bargain and I told upfront how much I can only pay for in a month. It’s still a long way to go to eventually being credit card debt-free. It wil take years but I’m slowly getting there. I don’t have a single credit card now. When I don’t have money, I stay at home. If I need to buy something, I wait for the next paycheck and see if I can squeeze it in the budget. I learned my lesson. It was the hard way indeed but I’ll overcome this and hope that I will come out a wise spender.
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Hi!
I knew what it feels I myself was on that track too and I am still managing to get all my finances on time.
Hope we both have a credit free life soon!
God Bless!